User Agreement

Last updated: 16 April 2018

1. General

1.1 Before you engage with Gold Savings Account (‘GSA’) for any of its services, you must read and accept all of the terms and conditions in this User Agreement. By using the website (the ‘Website’) and services of GSA, you warrant that:
  1. You have full capacity, power and are otherwise duly authorised to enter into this User Agreement; and
  2. You have read this User Agreement and are agreeing to comply with and be bound by the terms and conditions set forth in this User Agreement and the Website, as amended from time to time. This User Agreement applies to any and all orders, purchases and sales / sellback, whether made through the Website, telephone, e-mail or otherwise as well as for all services provided by GSA and used and/or accepted by you. If you disagree with any part of this User Agreement, you must immediately discontinue your access or use of the Website and services of GSA.
1.2 This User Agreement applies to any and all orders, purchases and sales / sellback, whether made through the Website, telephone, e-mail or otherwise as well as for all services provided by GSA and used and/or accepted by you. If you disagree with any part of this User Agreement, you must immediately discontinue your access or use of the Website and services of GSA.
1.3 GSA can vary or amend the terms of this User Agreement from time to time. Any amendment(s) to the User Agreement will take effect when such amendment(s) are posted on the Website. Posting the amended User Agreement on the Website constitutes sufficient notice to all parties, and the amended User Agreement will be applicable to all parties from the time the amended User Agreement is posted.

2. Purchase And Sale of Bullion And Other Services

2.1 Purchasing bullion: The submission of a buy order means that you have entered into a binding agreement with GSA to purchase bullion at the price specified on the Website, subject always to Clause 2.5. After you have submitted a buy order, a detailed "buy order confirmation e-mail" will be sent to you from a GSA representative within one business day (‘Buy Order Confirmation’). An invoice will be issued upon bullion delivery.
2.2 Selling Bullion:
  1. Locally – In-Store: Bring the bullion physically to our office / depository located at the address stated in Clause 6.2 and we will offer you a buyback price as listed online on the Website at the time of transaction. If you agree, we will create a sell order by issuing a Purchase Order (PO) upon payment issuance.
2.3 The price at which your buy or sell order is submitted is referred to as the locked-in price. For avoidance of doubt, proof of sending the e-mail is evidence of receipt, unless an express delivery failure notification is received by GSA within six hours of sending the Buy Order Confirmation or Sell Order Confirmation.
2.4 A buy order might be "In-stock" whereby the bullion is already in store, or it might be a "Pre-Order" whereby GSA will order the bullion on your behalf through its suppliers. Pre-orders involve a counterparty delivery risk and are exposed to Force Majeure events such as bullion export prohibitions by sovereign governments. Pre-orders are accepted and confirmed by GSA on a best efforts basis. GSA shall not be responsible for the inability to execute buy orders due to causes beyond GSA’s control. Under such circumstances, in lieu of the bullion, GSA shall refund the full amount you paid in US dollars based on the exchange rates at the time the buy orders were submitted.
2.5 GSA reserves the right to refuse or cancel any buy order in the event that:
  1. GSA is unable for whatsoever reason to procure any or adequate bullion to satisfy your buy order (including the event set out in Clause 2.4), or
  2. If customer payment is not received within the Payment Timeframe specified in Clause 5 below, or
  3. When the price paid is incorrect, for whatsoever reasons including but not limited to computer-related or technical problems or otherwise, pricing error, incorrect item descriptions or sudden movements in the precious metals market or export / import restrictions, or
  4. When any buy order is deemed questionable, suspicious or of significant risk to GSA,
in which case GSA will refund in full any monies paid by you to GSA for the purchase of bullion.
2.6 Prepaid order refunds due to Force Majeure events shall be made in USD based on the exchange rate at the time the buy orders were submitted. The full amount in USD and the corresponding exchange rate will be indicated in the Buy Order Confirmation which will be e-mailed to you.

3. Goods and Services Tax (‘GST’)

3.1 As of 1 October 2012 Singapore has removed GST on import or sale of bullion that is classified as Singapore Investment Precious Metals(IPM). All IPM bullion that we sell are GST free and can be freely imported to or exported from Singapore.
3.2 The export permit program has been discontinued as the removal of GST has made this option redundant.

4. Payment Options For Purchase Of Bullion

4.1 Payment to GSA for local or export buy orders must be provided using either:
  1. Bank Transfer to GSA's bank account in SGD.
  2. Cash in SGD only.
  3. Cashier's Order on delivery / pickup from a Singapore bank branch in SGD.
  4. Cheque Deposit in SGD.

5. Payment Timeframe For Purchase And Sale Of Bullion

5.1 When purchasing from GSA: Payment must always be initiated within one business day of your order date and be received within two business days after price lock-in (e.g. payment for an order placed on Tuesday April 21st is due by Thursday April 23rd assuming that April 21 – 23 are all business days). Longer payment deadlines can be arranged in exceptional cases upon agreement and at the sole discretion of GSA. The decision of GSA will be final and binding.
5.2 When selling to GSA in Person: For amounts below 100,000 SGD the payment is either done by a Singapore cheque or wire transfer. For amounts above 100,000 SGD, please contact us to make an appointment first.

6. Delivery / Pickup of Your Items

6.1 You can pick up your order directly at GSA’s Singapore office during pickup hours, or by requesting an alternative pickup time. There are no costs associated with this.
6.2 The address of our office is as follows:
Gold Savings Account
9 Raffles Boulevard #01-108<br/>Millenia Walk<br/>Singapore 039596
6.3 Pickup Hours:
Daily11:00 am to 7:00 pm
6.4 Local Physical Bullion pickup must occur within two months of pickup notification as notified to you via e-mail / order notification failing which:
  1. hold the bullion at a prorated yearly storage fee chargeable for the period commencing from the third month of bullion pickup notification, subject always to a minimum fee of 40 SGD per transaction order; or
  2. buy back the bullion at prevailing rates and the purchase amount will be credited to the customer’s bank account promptly or, failing a banking account, we will hold the funds until the customer contacts us.

7. Cancellation of Orders, Buyback Requests and Market Loss Policy

7.1 All cancellations of orders by you are subject to our ‘Market Loss Policy’ charge and a 45.00 SGD cancellation fee. Our 'Market Loss Policy' is explained at Clause 7.2 (for orders submitted) and Clause 7.3 (for buyback requests).
7.2 For orders submitted, you are responsible for any deficit between the price at which we sold to you and the offsetting purchase price or prices, if you cancel your order(s). That amount will be charged to you, in addition to the 45.00 SGD cancellation fee. Any market gain on cancellations shall remain the property of GSA.
7.3 For buyback requests, you are responsible for any deficit between the price we bought from you and the offsetting 'Client' buyback price or prices, if you cancel your buyback request(s). That amount will be charged to you, in addition to the 45.00 SGD cancellation fee. Any market gain on cancellations shall remain the property of GSA.
7.4 Cancellations, once approved, will be confirmed by e-mail through the issuance of an ‘Order Cancellation’. We will invoice you according to the Market Loss Policy with a thirty day timeframe to pay the amount due in full. No future orders may be permitted until and unless all market loss is paid in full.

8. Exchange Policy

8.1 All exchanges must be requested within three days from the time you pick up / receive the bullion. A 2% restocking fee of the invoiced amount on the items in question (subject to availability) and the exchange is payable. Without prejudice to the generality of the Exchange Policy aforesaid, GSA reserves the right to find an acceptable replacement or refund your money based on the Market Loss Policy set out at Clause 7.2 and Clause 7.3. The original invoice and bullion must be produced for an exchange.

9. Buy Back Option

9.1 GSA welcome customer sellbacks and can purchase back most transactions internally using cash reserved for buybacks.
9.2 Should we receive large aggregate sell requests in a short span of time that cannot be matched by internal buyback reserves within a short time span we can do back to back sales to our supply network. Our volumes and established business relationship with mints and some of the world's largest primary bullion distributors have enabled us to enter into agreements to sell physical bullion back to these entities and receive payment in an expedited manner. Thus we can provide transaction liquidity in a reliable and predictable manner. However, you agree and acknowledge that GSA does not provide a guarantee that it will be able to authorize back to back sales to our supply network (see Clause 14 Force Majeure), in which case buyback will occur from internal funds only.
9.3 Selling physical bullion in person: Physical bullion is bought back as per our published buyback prices at the time you bring the bullion to our office / depository located at the address stated in Clause 6.2. Bullion which was originally bought from GSA will qualify for the "Client Price". Bullion of the same type sold, or which has been sold in the past, but was not originally purchased from GSA will qualify for the "Non-Client Price".
9.4 Upon completion of your sellback and after issuance of payment by GSA you will receive a Purchase Order from us listing all details of the transaction, including mode and date of payment. This document serves as evidence of sale back to us.
9.5 Physical bullion is subject to inspection when we buy it back and a DUX test might be performed either during the buyback process or later. You acknowledge that, should we detect any forgeries, we are bound to report the bullion to the police and / or relevant Singapore Authorities to track back the source of the forgery.
9.6 Notwithstanding our ability to provide market liquidity we reserve the right to refuse or cancel any buyback request order deemed questionable, suspicious or of risk to GSA. For the avoidance of doubt, any such decision made by GSA is final and we are not obliged to disclose the grounds of our decisions.

10. Investment Risks

10.1 You expressly agree and acknowledge that by requesting an order from GSA, GSA is not liable to you for any risks associated with price volatility and market liquidity of precious metals.
10.2 You also acknowledge and agree that GSA is a precious metals dealer and is not a registered investment advisor or stock broker / dealer. GSA does not provide advice related to investment, legal, accounting or tax issues. Any and all materials and/or information provided by GSA, regardless of media, is for informational purposes only.

11. Automated Order Entry Risk

11.1 GSA shall not be liable for any damages or losses, including direct, indirect, consequential or incidental damages, which you may incur due to the use or termination of the Website, or due to the fault or negligence of any entity furnishing any facilities, equipment or services used in connection with the Website, or due to the failure or delays in transmission, malfunction of equipment, breakdown or failure of any telecommunications systems, software or hardware provided by any entity used to operate the Website, or due to any other cause beyond the reasonable control or anticipation of GSA.

12. Liability Of GSA

12.1 Nothing in this agreement shall exclude or limit the liability of GSA in the event of:
  1. any damage suffered by you as a result of a violation of the Consumer Protection (Fair Trading) Act or the Consumer Protection (Trade Descriptions and Safety Requirements) Act of Singapore by GSA,
  2. for fraud or fraudulent misrepresentation by GSA,
  3. any matter for which it would be illegal for GSA to exclude or attempt to exclude its liability.

13. Limitation of Liability

13.1 Subject to Clause 12.1, GSA will not be liable for any loss or damage, including indirect, special, incidental or consequential damages and/or pure economic loss caused by any actions and/or transactions with GSA and/or your reliance on or use of information obtained in any of our newsletters, literature, reports, e-mail correspondence, Website, or any other communication from GSA and GSA will incur no liability for any errors or omissions of such communications. GSA reserves the right to modify any product or service information contained on our Website or in any publication without any prior notification.
13.2 Notwithstanding any other provision in this User Agreement, the entire liability of GSA for any and all claims, losses or damages arising out of or in connection with any transaction between GSA and you or for any other reason whatsoever, shall be limited to the amount that you paid in such transaction. GSA shall not, in any event, be liable for any indirect, incidental, special, consequential, exemplary, punitive or other damages as a result of its or its directors’, officers’, employees’, contractors’ and/or agent’s service, equipment or facilities.

14. Force Majeure

14.1 No failure or omission by GSA to carry out its obligation under this User Agreement shall be deemed a breach of this User Agreement if such failure or omission arises out of any event that is beyond its control, including, but not limited to, sabotage, Acts of God, war or warlike hostilities, civil riots acts of terrorism and/or government restrictions including blockades, embargoes and/or trade restrictions and/or shortage of material or labor for any reason whatsoever or such other circumstances that may cause a delay or failure to perform such obligation through no fault of GSA.
14.2 In the event that GSA has to cancel a buy order due to a Force Majeure event as provided above or pursuant to Clause 2.4 of this User Agreement, GSA shall refund the payment you made for such buy order in USD. You hereby acknowledge and agree that the entire liability of GSA for such cancellation shall be limited to the amount that you paid for such order and that no claims may be made by you for any appreciation in the value of bullion or any other losses whatsoever, whether direct or indirect and whether foreseeable or otherwise. For the avoidance of doubt, legal and beneficial title and rights to the bullion are only deemed transferred to you when the delivery has been completed and the tax invoice has been issued to you.

15. Default and Expenses of Collection

15.1 Upon any failure by you to comply with your obligations to GSA, we shall be entitled to any and all of the remedies available to us, whether at law, in equity or otherwise.
15.2 In the event that GSA must take any action against you to enforce your obligations under this User Agreement, including, without limitation, turning your account over to a collection agency or a lawyer for collection, you shall be liable for all of the costs and expenses incurred by GSA in connection with such action.

16. Termination

16.1 Either GSA or you may terminate this User Agreement, with or without cause, at any time by written notice to the other party. The termination of this User Agreement shall not affect the rights and obligations of GSA and you with respect to the period prior to the termination.

17. Transaction E-mail Notifications

17.1 GSA will send an e-mail notification for every:
  1. Buy Order Request
  2. Sell Order Request
  3. Physical Delivery Request
17.2 However GSA does not have the duty to ensure delivery or that you read such a notice, hence there is a risk that the notice is sent, but not read by you. In any event, you shall be deemed to have knowledge of the content of such notices and shall not hold GSA liable for any losses and/or damages that you may have suffered.
17.3 You accept and acknowledge that the implementation of this e-mail notification system acts as a powerful disincentive for illicit access to your account.
17.4 You accept a duty to inform GSA in the event that an e-mail notification suggests unauthorized access to your account. You must also report any unauthorized access to your account.
17.5 In the event of any unauthorized access to your account, GSA is entitled to investigate and seek the assistance of the authorities in detecting crime and arresting offenders.
17.6 GSA offers two notification options based on their e-mail privacy preferences:
  1. Standard Direct E-mail, containing transaction data, to the e-mail address on record
  2. Secured Order Notifications over an encrypted and password protected interface along with generic activity e-mails to your e-mail on record to inform you that new transaction notifications have been sent to you by GSA
17.7 You acknowledge that Secured Order Notifications require you to log into your account to read your messages and that Clause 17.2 applies to both Direct Mail and Secured Order Notification. You are solely responsible for choosing the communication mode of your preference. Notwithstanding your preferred option, GSA shall not be liable for any e-mail that is sent using the non-preferred option. You are responsible for notifying GSA of any and all such e-mails sent using via the non-preferred option, and GSA will use commercially reasonable measures to ensure that such e-mail is retrieved by GSA, and resent to you in accordance with your preferred option.

18. Confidentiality and Protection of Personal Data

18.1 You consent to the collection of personal data by GSA for the purposes of facilitating the provision of services under this User Agreement (‘Purpose’). GSA shall be entitled to use, disclose, transfer, or process such personal data, from time to time for such Purpose in accordance with applicable law and the terms of this User Agreement or when demanded to do so by an order of court of a competent jurisdiction.

19. Miscellaneous

19.1 The sole relationship between GSA and you is a purchaser-seller relationship and to the extent you subscribe to GSA services, the relationship between GSA and you will be that of bailor-bailee relationship.
19.2 You may not assign or transfer this User Agreement or any of your rights or obligations under this User Agreement without the prior written consent of GSA. You agree that GSA shall be entitled to assign or transfer all or any of its rights under this User Agreement to, and to perform any of its obligations in respect of this User Agreement through, any of its subsidiaries, related corporations and affiliated companies.
19.3 All notices and other communications to you shall be directed to the address or e-mail address that you provided to GSA at the time of your registration or as part of an order. GSA cannot be liable for any errors or changes in any address and/or e-mail addresses if this is not formally notified by you to GSA in writing forthwith.
19.4 No delay or failure on the part of GSA in exercising any right or remedy shall operate as a waiver of that right or remedy and no single or partial exercise by GSA of any right or remedy shall preclude other or further exercise of that right or remedy or the exercise of any other right or remedy.
19.5 If any term of this User Agreement is held to be unenforceable for any reason, it shall not affect the other terms of this User Agreement and the term that would otherwise be unenforceable shall be enforced to the fullest extent that it would be enforceable.
19.6 This User Agreement shall be governed by and construed in all aspects in accordance with the laws of Singapore and the parties hereto irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore.
19.7 Nothing in this User Agreement is intended to confer upon any third party any right to enforce any provision herein under the Contracts (Rights of Third Parties) Act (Cap. 53B) of Singapore and the parties hereto do not intend any term (whether it purports to confer a benefit on a third party or not) of this User Agreement to be enforceable by any third party.